Höegh Autoliners Company Presentation

Creating value through the cycle

Key highlights

Newbuilding and fleet renewal planning in a weak market
Forceful re-pricing of all cargo and improved contractual terms
Built duration and extended contract backlog to secure earnings through cycles.
Actively divesting non-core vessels at elevated market values and returns
Changed gears to be overweight cargo vs. carrying capacity
Using a normalized charter market by taking short-term capacity to deliver value from long-term contracts

Historically strong contract backlog – more cargo than we can carry…

Contracts

Signed 3-year renewal of significant contract in key trade lane during August, value above \$100m
Contract share of volume transported up 5% from Q4 2024 to ~81%
Average duration of contract backlog 3.3 years

Rate Agreements

Typically one-year non-committed agreements but with fixed pricing
Clients typically forwarders and used vehicle shippers
Long-standing relationships and barriers of entry reduces rate pressure

Spot

▪ In 2024 the HH/BB share was ~60% of total spot volume

Overarching geopolitics playing into car carrier space

Latest on USTR port fees shows a large increase in related fees with little to no implementation time. In relation to Chinese retaliation fees, increasing tarifftension and ongoing IMO NZF discussion, our industry has increasingly become a bargaining chip for overarching geopolitics between US, China and the EU.

HA has an ongoing dialogue with relevant stakeholders to provide timely and relevant information about the impact and discuss cost implications with customers with further market updates on our Q3 reporting (30. Oct 2025)

Car carrier USTR fee development
Timeline	Initial USTR draft (February 21st)	USTR proposal (April 17th)	USTR Annex III 1st revision (June 6th)	USTR Annex III 2nd revision (October 10th)
Key cost drivers	▪ Number of US port calls ▪ Operator, vessel and fleet Chinese affiliation or origin (cumulative impact)	▪ Vessel CEU capacity ▪ Number of voyages with US port calls	▪ Vessel Net tonnage ▪ Number of voyages with US port calls	▪ Vessel Net tonnage ▪ Number of voyages with US port calls
Impacted vessels	▪ Chinese built vessels ▪ Chinese operated vessels ▪ Vessel in fleet with Chinese vessels ▪ Vessel in fleet with Chinese orders	All RoRo vessel except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none)	All RoRo vessel except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none) c) MSP vessels (~20) d) US gov. vessels (0) e) US gov. cargo	All RoRo vehicle carriers* except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none) c) U.Sowned or U.Sflagged vessels enrolled in the Maritime Security Program d) U.S. Government vessels e) U.Sflag vessels of up to 10,000 DWT
Implementation period	Not stated	~180 days with implementation October 14th	Implementation October 14th (100 days lead-time)	Implementation October 14th (4 days lead-time)
Illustrative financial impact per US port rotation	\$1.0-3.5m per port call \$3m – 6m, dependent on number of ports and vessel Chinese affiliation	\$150 per CEU capacity ~\$1m-1,4m, depending on vessel size	\$14 per vessel net ton ~\$0,3m-0,5m, depending on vessel size	\$46 per vessel net ton ~\$0,9m-1,5m, depending on vessel size (Charged up to five times per calendar year, per vessel)

*ICST codes 325 (Vehicle Carrier), 332 (Ro-Ro Passenger), 333 (Other Ro-Ro Cargo), or 338 (Ro-Ro Container)

HA Carbon intensity roadmap: Ammonia frontrunner on track for first fuelling in July 2027

¹⁾ Units: Höegh Autoliners average fleet carbon intensity indicator (CII)

Strong financial resilience and flexibility through attractive financing

Key highlights

No refinancing need next 4 years
More than 50% of HA committed financing with 12 year duration at very attractive terms
USD 720m credit facility secured by most modern part of the fleet, including Horizon and Aurora class vessels averaging 11.5 years in 2030
21 debt-free vessels and ~ USD 200m liquidity buffer through undrawn RCF
Resulting in resilient capacity cost to weather nearly any market